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Bitcoin Could Register Biggest Yearly Loss Ever

· 05 Dec 2018 in Cryptocurrency News
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

Bitcoin could register the biggest loss in a calendar year since it was created. Bitcoin started the current 2018 close to $14,100. However, at the time of writing this article, Bitcoin (BTC) is being traded under $3,900. This represents a price reduction of almost 73%, the largest loss ever registered for Bitcoin during a specific year.

Bitcoin Could End the Year 73% Down

Just a few weeks ago, Bitcoin was traded close to $6,300. A price that was relatively stable and that Bitcoin had from August until November, with the exception of a small period of time in which Bitcoin surpassed $7,000.

Bitcoin lost around 80% since its all-time high registered back in December 2017. This year, Bitcoin marked a new low in more than 12 months when its price went under $3,600 in some exchanges. During the last days, Bitcoin has been operating close to $4,000.

According to data provided by CoinDesk, it is possible to see that this was, until now, the worst year for Bitcoin. In 2011, Bitcoin registered an increase of 1,473%. In 2012 continued to grow, reaching 186%. The best year for Bitcoin was 2013, when its value increased 5,507%. In 2013, Bitcoin’s price moved from close to $15 and surpassed $1,000 but closed the year close to $800.

After the bull market experienced in 2013, during the next three years, Bitcoin remained relatively stable. The price of the popular virtual currency lost 57% of its value in 2014, it grew 35% in 2015 and 125% in 2016. In 2017, one of the best years for Bitcoin, the cryptocurrency registered a price increase of 1,431%.

2017 started with Bitcoin under $1,000 and reached December being traded around $20,000. However, the year ended close to $14,100.

Although 2018 is not the best year for Bitcoin, several analysts ask the market to be calm and be focused on improving the market. There are very positive announcements that might be very bullish for Bitcoin’s price in the near future. The U.S. Securities and Exchange Commission (SEC) could soon approve the first Bitcoin exchange-traded fund in February 2019. At the same time, several companies such as the Intercontinental Exchange (ICE) are launching new institutional-grade platforms.

Anthony Pompliano, says that Bitcoin’s fundamentals are also strengthening and those price movements are a distraction. On Twitter, he wrote that Bitcoin is the best performing asset in the last 10 years. He has also shared an article in which he shows why Bitcoin is growing amid a bear market.

https://twitter.com/APompliano/status/1068518602607800320

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